Revance Therapeutics Inc (RVNC)

[iwfal]

our growth will come from a combination of new account adds, along with ongoing reorders. And as we noted in Q4, more than 2/3 of our revenue came from reordering accounts, which I think points to the stickiness of the product in those accounts where we’re able to secure. So we feel very good about where we are"

Yes, I am aware of this. And it’s VERY different than tracking by account. Tracking by revenue is currently likely about conversion of accounts from 10% Daxxy to 90% Daxxy as those accounts that stuck with Daxxy long enough to figure out how to use it can now maximize their revenue etc. Good for them.

But Revance’s big impediment to growth is going to be bringing in new or burned accounts in a serious way. Revance explicitly acknowledges this by, for instance, noting they had to spend 2 quarters repairing broken accounts. In order to understand success in this area it’s necessary to track reorder metrics by account (eg in period 2 quarters or 3 quarters after initial order, how many accounts do a bigger reorder), not revenue. Almost certainly management knows this… so it’s a little odd that they focus on revenue *only*.